Perpetua Resources (NASDAQ:PPTA) Trading Up 9.6% - Time to Buy?

Key Points

• Perpetua Resources shares rose 9.6%, reaching a trading price of $16.62, despite a 25% decline in average session volume.
• Equities analysts maintain a positive outlook with a consensus rating of "Buy" and a target price of $21.63, including HC Wainwright's price target of $27.50.
• Major shareholder Paulson & Co. Inc. increased their stake by 30.58%, acquiring over 7.5 million shares at $13.20 each.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s share price was up 9.6% during trading on Monday . The stock traded as high as $16.59 and last traded at $16.62. Approximately 1,280,974 shares traded hands during trading, a decline of 25% from the average daily volume of 1,704,439 shares. The stock had previously closed at $15.16.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. B. Riley restated a "buy" rating and issued a $17.00 price target (up previously from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Royal Bank Of Canada assumed coverage on Perpetua Resources in a research report on Friday, July 18th. They issued an "outperform" rating and a $23.00 price target for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $27.50 price objective on shares of Perpetua Resources in a research note on Tuesday, June 17th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $21.63.

Perpetua Resources Stock Performance

The company has a market capitalization of $1.84 billion, a PE ratio of -58.64 and a beta of -0.02. The firm has a fifty day simple moving average of $14.67 and a 200-day simple moving average of $12.65.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its quarterly earnings data on Friday, May 9th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). As a group, research analysts anticipate that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Transactions at Perpetua Resources

In other news, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the company's stock in a transaction dated Monday, June 16th. The shares were bought at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the purchase, the insider owned 32,347,299 shares of the company's stock, valued at approximately $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in shares of Perpetua Resources during the fourth quarter valued at $280,000. Sei Investments Co. grew its stake in Perpetua Resources by 11.4% in the fourth quarter. Sei Investments Co. now owns 94,024 shares of the company's stock valued at $1,003,000 after purchasing an additional 9,617 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Perpetua Resources by 1,618.3% during the 4th quarter. National Bank of Canada FI now owns 43,197 shares of the company's stock worth $462,000 after acquiring an additional 40,683 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Perpetua Resources by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 489,958 shares of the company's stock worth $5,228,000 after acquiring an additional 5,129 shares in the last quarter. Finally, Trexquant Investment LP boosted its stake in shares of Perpetua Resources by 189.2% during the 4th quarter. Trexquant Investment LP now owns 65,283 shares of the company's stock worth $697,000 after acquiring an additional 42,711 shares in the last quarter. 70.07% of the stock is owned by institutional investors and hedge funds.

About Perpetua Resources

Perpetua Resources Corp. engages in the exploration and development of mineral properties in the United States. The company primarily explores for gold, silver, and antimony deposits. Its principal asset is the 100% owned Stibnite Gold project, which includes 1,672 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho.